MicroStrategy (NASDAQ:MSTR) stock is on the move Friday after analysts at BTIG boosted their price target for the software and Bitcoin (BTC-USD) holding company’s shares.
BTIG analyst Andrew Harte increased the firm’s price target for MSTR stock from $780 per share to $1,800. That’s a potential upside of 11.4% compared to its prior closing price. It’s also incredibly bullish next to the analyst consensus price prediction of $1,074 per share.
Harte also reiterated the “buy” rating that BTIG has for MSTR stock. For the record, the analyst consensus rating for BTIG is a buy based on five analyst opinions.
What’s Behind the Bull Stance on MSTR Stock?
The BTIG analyst provided three reasons for why the firm is taking such a strong stance on MicroStrategy shares. They are as follows:
- The rising price of BTC compliments the company’s holding strategy.
- Accretive capital raises increase the Bitcoin per share ratio for shareholders.
- The “implied premium” of MicroStrategy’s BTC holdings has increased more than 2x as compared to 1.5x on average last year.
MSTR stock is up slightly on Friday morning with more than 189,000 shares traded. That’s still below its daily average trading volume of about 2.3 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
